The third earning well, which was stimulated with a 13-stage frac program, flowed at rates of 270 barrels of oil and liquids per day plus 1.8mmcf/day of natural gas for a combined rate of 570boe’s per day over a production test.
To date approximately 60% of the load oil has been recovered. The well is expected to be tied-in by 1 December 2010.
Base has earned a 30% working interest in this well and the related section under the farm-in agreement.
The fourth earning well is being currently drilled and is expected to be completed with a multi-stage frac program in early December.
Under the farm-in agreement, by paying 50% of the drilling, completion, equipping and tie-in costs of the fourth earning well, the company will earn a 30% working interest in the fourth earning well and the Cardium rights within the section.
